Bitcoin [BTC] vs mobile banking: Decentralization makes cryptocurrencies ‘hack-proof’, says former Federal Prosecutor

Kathryn Haun, a former Federal Prosecutor, and Paul Krugman, a Nobel Prize-winning economist had a ‘Let’s settle this’ debate recently wherein they spoke about the reason why people would choose cryptocurrencies when there is mobile banking.

The Noble Prize-winning economist spoke about cryptocurrency and governments. He said that he is not sure about why government-validated cryptocurrencies are better than government-validated fiat currency. Krugman said:

“But they might want to do it. The other thing to remember is that government officials, as you know, read the same social media as everyone else and want to be trendy and you know, the trendiness is a very big factor in all of this”

Furthermore, Kathryn spoke about the reason why Bitcoin and other cryptocurrencies would work taking into consideration that not everyone still has access to the Internet. She said that currently, there is an explosion of cheap mobile phones, which cost less than $30. She added that people who do not own a computer have a mobile phone and that there are several cryptocurrency exchanges and dApps which have a mobile version and not a desktop one.

Kathryn stated:

“I think this is really interesting and I think there could be this leapfrogging effect because of course, not everyone has access to a computer”

To this, Krugman questioned the reason behind not opting for mobile phone banking, which is also low of cost. He said that he cannot comprehend why cryptocurrency would solve something which is conventional methods cannot.

Kathryn replied by stating that there are few problems with centralization and decentralization. She related this to a problem she had with PayPal when she was overseas investigating a money-laundering case. She said that her PayPal account was frozen as they had suspected the activity, adding that it was frustrating.

Kathryn continued to say that centralization, for her, is a honeypot as most of the money is stored in one single place, which can be hacked. She added that this, in fact, is not the case of blockchain technology as it cannot be hacked, whereas only exchanges have been hacked so far.

She further added that the millennial’s confidence level in banks, financial institutions and governments is at an all-time low. According to a research paper she had read, one out of three millennials in the United States would rather own a Bitcoin than stocks.

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